I've uploaded another build of VTFLib today. This release doesn't see too many changes in the library (primarily just a relaxed .vmt parser) but VTFCmd and VTFEdit have both undergone some major improvements. VTFCmd can now create .vmt files in a similar manner to vtex and VTFEdit is awash with new features including a file system browser, toolbar, paste functionality, alpha masking and more. You can download the new version and find screenshots here.

A VTFCmd Batch Compiler specification is also available and makes creating new textures from within Batch Compiler a snap.